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US Yields Move Ahead of GDP

With little excitement in the currency markets O/N, US benchmark yields have backed up a tad ahead of this mornings US GDP report. Treasuries have managed to snap a two-day rally that sent five-year yields to a record low yesterday (+0.75% intraday) as the market expects the report to show that US growth quickened in the last quarter of 2011 (+3% vs. +1.8%, q/q). Yields along the curve are trading higher for different reasons. The shorter end, out to 5’s, [...] read more

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Market Pulse »

Recession Fears Could Delay UK Deficit Reduction Plans

Posted by Scott Boyd 3:39 pm UTC, 01/26/2012

On Wednesday, the Office for National Statistics (ONS) revealed that the UK economy contracted by 0.2 percent for the final quarter of 2011. Economists had predicted a slight increase of 0.1 percent for the last three months of the year. Despite the feeble ending to the year, the latest ONS data shows overall growth for 2011 was a mediocre, but still positive, 0.9 percent. Still, this level of expansion is well below the Bank of England’s 2 percent growth target and [...] read more

Retail Sales

The Retail Sales report provides feedback on consumer spending and is one of the first reports available each month that tracks retail spending patterns. This report provides feedback on consumer goods exclusively; spending on services such as health care and education is not included in the Retail Sales report. Also, the report is published without adjusting for inflation, so to get a true measure of changes in retails sales spending, you must adjust accordingly.

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Economic Exposure »

World Bank Downgrades Global Growth Outlook

Posted by Scott Boyd 3:49 pm UTC, 01/18/2012

On Wednesday, the World Bank revised its global growth projections to reflect the deteriorating debt situation in Europe. Comprised of over 180 member countries, the World Bank predicted last June that global activity for 2012 would expand by 3.1 percent. The downgraded outlook now places global growth for 2012 at just 2.5 percent, with most of the growth slated for the emerging economies. In fact, noted World Bank economist Justin Lin, Europe was likely already in recession and could trigger a [...] read more

Central Bank Watch »

A “Dovish” FOMC

Posted by Dean Popplewell 1:03 pm UTC, 01/25/2012

The “Exceptional” language was maintained by the FOMC after keeping rates on hold. A dovish meeting has US yields and the dollar sliding. This FOMC’s statement shows one major change from the December meeting, it now expects exceptionally low levels for FED Funds rate through late 2014. Basically, policy makers have extended their timeline by 18-months. Currently, futures prices see lower odds of an early 2014 hike, prior to the meeting it was at +20%. The market had expected the SEP, [...] read more

Latest Articles

Posted by Scott Boyd at 9:09 am UTC, 01/27/2012
Posted by Alfonso Esparza at 7:16 am UTC, 01/27/2012
Posted by Dean Popplewell at 6:34 am UTC, 01/27/2012

OANDA's open position ratios

  1. USD/JPY
    80.96% 19.04%
  2. USD/CHF
    55.40% 44.60%
  3. GBP/USD
    40.08% 59.92%
  4. AUD/USD
    40.01% 59.99%
  5. EUR/USD
    39.47% 60.53%

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January
27
Today’s Global
Market Events
8:15 am

EUR
ECB President Draghi Speaks
8:30 am

USD
Advance GDP q/q
3.0% vs. 1.8%
USD
Advance GDP Price Index q/q
2.0% vs. 2.6%
9:55 am

USD
Revised UoM Consumer Sentiment
74.2 vs. 74.0
USD
Revised UoM Inflation Expectations
3.2%
10:00 am

USD
FOMC Member Dudley Speaks